Research

Coming two years after the Paris Agreement, the initial public offering (IPO) of Saudi Aramco will be strongly shaped by climate change. Most analysts believe that Crown Prince Muhammad bin Salman’s US $2 trillion estimate of Aramco’s value was unrealistic, reckoning instead on somewhere in the range $1 to 1.5 trillion. But there has been a gap in commentary, on how moves to decarbonise the energy system will affect the IPO’s valuation.

The Canadian tar sands is among the most carbon-intensive, highest-cost sources of oil in the world. Even prior to the precipitous drop in global oil prices late last year, three major projects were cancelled in the sector with companies unable to chart a profitable path forward.

Our latest report released today exposes U.S. oil producers that want to export crude oil despite the fact that they still only produce barely more than 50% of U.S. oil demand. 40 years on from the Arab oil embargo and America’s oil producers have only one thing on their minds; profits.

The U.S. already imports over 2 million barrels a day from Canada. It did not protect us from rising prices in 2008, it hasn’t this time, and it never will.